The term 'give the pink slip' is a phrase used to describe the act of firing someone from their job. It CAN be broken down into three words: SACK, AXE, and CAN. The word 'SACK' is a four-letter word meaning to dismiss someone from their job, while 'AXE' is a three-letter word meaning to terminate someone's employment. Finally, 'CAN' is also a three-letter word meaning to dismiss someone from their job. All three words CAN be used interchangeably to describe the act of firing someone from their job.